Singapore legislation
Section 55V
Section 55V
Businesses that merchant banks in Singapore may carry on
(1)
A merchant bank in Singapore may only carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on, whether in Singapore or elsewhere, one or more of the following businesses:
a permitted business;
any business the conduct of which is regulated or authorised by the Authority or, if carried on in Singapore, would be regulated or authorised by the Authority under any written law;
any business that is incidental to the business which the merchant bank may carry on under paragraph (a) or (b);
any business or class of business prescribed by the Authority;
any other business that the Authority may approve in a particular case by written notice to the merchant bank for the purposes of this section.
(2)
The carrying on of any business or class of business prescribed under subsection (1)(d) by any merchant bank in Singapore must be in accordance with any condition prescribed under section 78 for that purpose and any additional condition imposed by the Authority on the merchant bank by written notice in a particular case.
(3)
The carrying on of any business approved for a merchant bank under subsection (1)(e) must be in accordance with any condition imposed by the Authority by the written notice.
(4)
The Authority may, at any time, add to, vary or revoke any condition imposed by written notice under subsection (2) or (3).
(5)
Nothing in this section is to be construed as exempting a merchant bank from any requirement that, apart from this section, the merchant bank is required to comply with under any written law for the conduct of any business.
(6)
Any merchant bank that contravenes this section commits an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.